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Brazilian think tank calls for stronger economic ties with China

04-09-2011 10:15 BJT

BRASILIA, April 8 (Xinhua) -- Brazil should seize the opportunities created by China's rapid development and expand economic relations with the Asian giant, an influential research group said here Friday.

The call for broader Brazil-China cooperation from the Institute of Applied Economic Research (IPEA), a body linked to Brazil's presidency, came days ahead of President Dilma Rousseff's state visit to China next week.

The strong growth of bilateral trade and the recent increase of the Chinese investment in Brazil helped reduce the country's external vulnerability and enhance local businesses' competitiveness, the group said in the report of a study co-sponsored by the country's foreign ministry.

Currently, China is Brazil's largest trade partner, largest export market and second largest source of imports, noted economist Eduardo Costa Pinto, a coordinator of the study program.

In the past 10 years, China absorbed around 15 percent of Brazil's total exports, he said, adding that his country had a trade surplus of 5.1 billion dollars in the bilateral balance last year and would continue to have favorable balances in the coming years.

Meanwhile, the IPEA report stressed that the two countries' cooperation in various fields could bring benefit to both sides. Citing technological collaboration, it said that Brazil could help China in the fields of oil, energy, minerals and nutrients, while China could be contributive in such areas as aerospace and clean energy.

In the financial sector, the establishment of greater links between the Chinese and Brazilian institutions, such as their development banks, could help bring more Chinese investment into the South American country, it added.

With the China-led collective rise of the developing countries, Brazil also has a chance to play a more active role on the world stage, such as in the efforts to improve global governance and reform international institutions, the report noted.

During Rousseff's April 11-15 stay in China, the Brazilian president is also to join leaders of Russia, India, China and South Africa in a BRICS summit for talks over the international situation, the global economy, development issues and cooperation among the five economies.

Editor:Du Xiaodan |Source: Xinhua

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